Sentio To Bring Modern Observability To DApps With $6.4M Funding Led BY Lightspeed
Sentio - a startup that aims to bring modern observability to decentralized applications (dApps), has recently announced $6.4 million in funding led by Lightspeed Venture Partners.
This new investment will enable Sentio to continue developing cutting-edge solutions that can help DApps gain comprehensive insights into their performance and identify any potential issues before they cause major problems. With its innovative approach to observability and a team of experts, Sentio is poised to revolutionize the world of DApps.
What Are Decentralised Applications?
DApps, or decentralized applications, are computer programs that operate on a blockchain network such as Ethereum, EOS, or TRON.
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They allow users to store and manage data, access services or products, and execute transactions without the need for centralized intermediaries.
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DApps are hosted on a blockchain network and are managed by a decentralised network of nodes, in contrast to traditional programmes that are hosted on centralised servers.
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This indicates that DApps often offer more security and transparency while being more resistant to censorship.
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Decentralized finance (DeFi), gaming, social media, supply chain management, and other activities can all be done with DApps.
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For example, a DeFi DApp would let users lend or borrow cryptocurrencies without the help of a conventional financial institution.
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The trading of in-game assets in a decentralised market may be made possible through a gaming DApp.
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Users normally need a cryptocurrency wallet that is compatible with the DApp in order to utilise it.
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Smart contracts, which are self-executing contracts with the terms of the agreement between the buyer and seller being directly encoded into lines of code, are used to built the DApps.
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The DApp can execute deals and take action automatically thanks to smart contracts, eliminating the need for middlemen.
It's no secret that the world of DApps is constantly evolving, and there has never been a greater need for innovative solutions that can help developers and teams stay ahead of the curve.
About Lightspeed
Lightspeed Venture Partners is a venture capital company that makes investments in tech and growth-oriented businesses.
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The company was established in 2000, and Menlo Park, California, serves as its corporate headquarters. It has invested in over 400 businesses, including enterprise software, mobile, e-commerce, healthcare, and media,
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Snap Inc., Affirm, AppDynamics, Grubhub, Nest, Nutanix, and Stitch Fix are a few of the famous companies in which Lightspeed has invested. The company has also invested in several prosperous Asian businesses, including OYO Rooms, Byju's, Udaan, and Tokopedia.
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The company makes investments at every stage, from growth equity rounds to early-stage seed finance. Lightspeed is renowned for its team of seasoned investors and collaborative approach, which it uses to closely collaborate with portfolio companies to foster their expansion and success.
Sentino's Funding And Smart Contract
Sentio has received $6.4 million to provide decentralised apps with modern observability. Leading companies in the sector, including Hashkey Capital, Canonical Crypto, Essence VC, and GSR Ventures, also took part in the investment round, which was organised by Lightspeed Venture Partners.
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Due to the vast experience in both observability and crypto, the Sentio team, which is made up of seasoned engineers from Google, LinkedIn, Microsoft, and TikTok, is well positioned to build in this field.
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The entire backend system for a DApp is made up of smart contracts. Because smart contracts frequently handle user assets directly and are more prone to vulnerabilities due to their openness and composability than their Web2 counterparts, they are more mission-critical.
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Web3 observability solutions are scarce and dispersed. DApp developers are consequently forced to create and host their own solutions, piece together disjointed third-party technologies, or, in many cases, run their DApps with inadequate monitoring and visualisation.
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In addition, according to Fortune Crypto, fraudsters stole over $3 billion from cryptocurrency networks and protocols in 2022, nearly double their theft of $1.55 billion in 2021. Just in October 2022, decentralised finance protocols were the victim of theft totaling $718 million.
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Sentio offers decentralised apps modern monitoring, alerting, and log management as an integrated and hosted experience. The Sentio SDK allows users to gather and modify metrics and logs produced by their smart contracts' events, transactions, traces, and states.
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Sentio fully controls the indexing process, and customers can view analytics, set up alerts, and conduct complex searches on logs using the Sentio web interface. Further observability capabilities are being developed, including user behaviour analytics and a transaction simulation/debugger.
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Sentio currently supports the following cryptocurrencies: Ethereum, Aptos, BSC, Polygon, Arbitrum, Optimist, Avalanche, and Moonbeam.
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Sentio's goal is to hasten the spread of DApps by providing the crypto community with the top, most reliable developer resources.
Conclusion
In conclusion, Sentio's modern observability solutions are a game-changer for the DApp ecosystem.
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With its advanced capabilities and real-time insights, Sentio's technology can help developers and teams to stay ahead of the curve, identify potential issues proactively, and optimize their DApps for maximum performance.
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The funding led by Lightspeed Venture Partners further validates the importance of Sentio's work and their potential to make a significant impact in the world of decentralized applications.
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If you're a developer or team working on DApps, taking advantage of Sentio's modern observability solutions could be crucial for the success of your project.
